The global IVR system market was valued at almost USD 2 billion in 2016 and is expected to exceed USD 3 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global IVR system market, under its enterprise application portfolio. This market analysis enlists the primary drivers and key emerging trends and offers an analysis of key vendors like Avaya, Cisco Systems, Convergys, and Genesys.
According to Amrita Choudhury, a lead analyst for enterprise application research at Technavio, “The increasing need to improve CRM will fuel the growth in the global IVR system market. Customer relationship is crucial for effective revenue generation in any enterprise, and various enterprises are striving to develop a wide customer base because of the increase in competition and to obtain a large market share. The need to survive in the market is encouraging companies to implement enterprise solutions such as enterprise resource planning and CRM.”
The use of IVR systems helps setting up enterprise websites, enabling the companies to have continuous communication with its customers. These solutions provide a centralized system to control continuous communication with customers with relevant and consistent data results to enterprises to avoid any risks. The vendors are designing systems that help with promotions, thereby encouraging customers for signing up to the company’s account.
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Rise in use of multi-channel and multi-modal access
The accessing applications and information from various channels such as phones, laptops, and PDAs from the multi-channel access, and these systems can access applications from multiple channels through the same session. The vendors in the market are using advanced technology to offer end-users the authority to choose the preferred channel of contact, which helps in generating more number of satisfied customers with improved interaction. The service providers are also building multi-channel strategies that provide a consistent experience across channels and investigating provisioning for omnichannel customer care.
Incorporation of voice biometrics
Various companies across the globe are implementing biometrics solutions to validate the identity of authorized persons. Voice biometrics solutions are based on voice recognition biometrics technology, which quickly authenticates the identity of authorized customers on a real-time basis. These systems are designed to authenticate the customer identity on a real-time basis and help enterprises to reduce fraudulent activities. The integration of IVR systems with voice biometrics reduces implementation costs by eliminating the need for proprietary equipment. Such benefits will fuel the growth in during the forecast period.
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This market research study includes a comprehensive analysis of market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their key financials, market shares, business overview, etc. is specified in this study. This market study also provides a comprehensive analysis of main drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report named, ‘Global IVR System Market 2017-2021’. Technavio also customizes reports by other regions and explicit segments upon request.
Other related reports:
- Global Contact Center Market 2016-2020
- Global Mass Notification Systems Market 2016-2020
- Global Enterprise Communication Infrastructure Market 2016-2020
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